Life insurance is not a one-time purchase. It’s important to pull your policy out of its file routinely to make sure it still meets your family’s ever-changing needs.
Wheeling, IL (Vocus/PRWEB) April 19, 2011
Now that spring has officially arrived, many consumers will begin their spring cleaning bouts. AccuQuote, one of the country’s largest and most respected independent term life insurance quoting and brokerage firms, gives reasons why it is important to spring clean more than just homes and offices this season. The company encourages consumers to also spring clean their life insurance and personal finances as financial needs often change.
“Life insurance is not a one-time purchase,” says Byron Udell, founder and CEO of AccuQuote. “It’s important to pull your policy out of its file routinely to make sure it still meets your family’s ever-changing needs. If you don’t conduct a policy review at least every few years, your life insurance policy may not provide enough protection should you die prematurely.”
AccuQuote provides reasons why doing a little spring cleaning to life insurance and personal finances can help lead to a more secure financial future:
- Change to the family – Just married? New home? New baby? Major life events often indicate the need for more life insurance. With each new change comes the obligation to update any existing coverage. On the other hand, events such as getting divorced and paying off a mortgage may indicate the need for less coverage. “Before reducing your coverage amount, be sure that all of your dependents will be protected financially in your absence,” says Udell. The right amount of life insurance for the right length of time makes all the difference in a family’s overall financial plan. AccuQuote’s term life insurance calculator can help consumers determine their needs based on several factors.
- Current rate is too high – Term life insurance rates are currently near record lows. As a result, consumers may be able to save money by applying for a new policy with today’s low rates. “In today’s economic climate, you may be able to purchase a policy with a higher face amount and end up paying the same rate or lower as your existing coverage,” says Udell. “However, keep in mind that rates increase with age, so the best time to review you policy for a chance to save money is when you’re young and in relatively good health.”
- Time to convert – Many term life insurance policies offer the option to convert to permanent coverage without taking a medical exam; regardless of changes in health. This conversion option is only available if exercised no later than a certain age, so it is wise to take advantage of it as soon as possible. “The majority of consumers outlive their term life insurance because it only offers protection for a certain number of years,” says Udell. “With permanent life insurance, your coverage lasts a lifetime.” The term conversion process is quick and easy. Contact a licensed agent at AccuQuote to learn more about the options available.
To conduct a free life insurance policy review and analysis for any reason, contact AccuQuote today. Call 888-314-4455.
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes with the personal service of unbiased life insurance professionals who answer questions, identify important issues and make meaningful recommendations. The company offers consumers an extensive selection of life insurance products, including term life, whole life, universal life, accidental death, long-term care, disability and selected annuities. AccuQuote.com has many handy insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary of industry terminology, a collection of articles and press releases that cover many life insurance topics and a blog that provides opportunities for discussion on life insurance and personal finance. For additional information or to get free quotes for low cost life insurance, please call AccuQuote at 888-314-4455.
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